Egypt Aiming For the Future

It seems like the rumors about an upcoming Egyptian fintech fund are getting louder by the day. According to Fintechnews Africa, the idea behind the fund is to help rising fintech companies, both international and domestic.

In addition, the second goal is to divert part of the investments towards grooming ‘young talent in this space’.

Moreover, the report currently reveals only three entities that are part of this fintech initiative. Those are the National Bank of Egypt, Banque du Caire and Banque Misr.

So far, the banks have reportedly managed to gather $63.6m for the fund. Consequently, all of this amount is expected to end up supporting the fintech industry.

That is since the only way towards economic prosperity, is by following the latest tech and trends. This is something that even the three banks said for themselves in an official statement:

A Dire Situation

If these rumors turn out to be true then it is definitely a positive thing for the country. Even more, Egypt is known for having a pretty low standard when it comes to banking regulations. As a result, up to 67% of all adult citizens are not part of any financial system.

Hence, not only does this fund assists the fintech industry and boosts the companies, but it will also narrow Egypt’s financial exclusion gap

And by narrowing the gap, the group hopes that to eventually tip the scales and attract the excluded demographic. Eventually, turning a dire situation, into substantial economic growth.

It is absolutely no secret that the banks wish to be up to date with the latest from the fintech field. Which is definitely the biggest inspiration behind the idea of this Egyptian fintech fund.